Bangalore, May 4 (IANS): India's sunrise biotechnology sector is set to reach $10-billion revenue by 2015 from $4 billion posted in fiscal 2010-11 through innovative products and services, a top state official said Wednesday.
"The Indian biotech industry is set to grow exponentially to reach $10 billion in revenues by 2015 from $4 billion achieved in fiscal 2011, with exports contributing substantially," Karnataka IT and BT principal secretary M.N. Vidyashankar said here.
Though India's share in the $180-billion global biotech industry is negligible, the sector grew 33 percent in fiscal 2011 from $3 billion after the global meltdown in fiscal 2009-09 impacted revenues with 18 percent decline.
"The biotech sector in Karnataka contributed $1.6 billion in fiscal 2011, accounting for 40 percent of the country's total revenue. Of the 350 biotech firms across the country, 52 percent (182 firms) are located in the state," Vidyashankar told about 800 delegates at the 11th edition of Bangalore-India Bio trade show 2011.
According to global research & consulting firm Frost & Sullivan, however, the Indian biotech industry missed the revenue target of $5 billion set for the fiscal under review.
In a report, the research firm said the global biotech industry will zoom $433 billion by fiscal 2015.
"Indian biotech industry crossed $3 billion in fiscal 2009, witnessing 23 percent year-on-year growth (YoY) and was expected to reach $5 billion in fiscal 2010," the research firm said in a report, which was released during the biotech event.
India is ranked among the top 12 biotech destinations worldwide and third largest in the Asia-Pacific region.
"Bangalore has emerged as an innovative hub of India. Sustainable and affordable solutions can be funded in the biotech sector. Indian companies need to ensure capacity expansion and attract talent to meet the manpower shortage," Karnataka biotech vision group and Biocon chairperson Kiran Mazumdar-Shaw said.
Neither the industry or the state government shared data on export realization nor investments, including venture capital funds the sector attracted last fiscal.
As the country's premier biotech trade expo, the 11th edition of Bangalore-India Bio trade show has attracted about 800 delegates from 45 countries the world over.
About 120 experts in the field will present their research findings at the conference and 500 bio-pharma meetings will be held.
"To aggressively promote the field and attract young talent to the industry, we have invited about 80 selected young scientists and 850 students for the three-day event," Vidyashankar noted.
To ensure that Karnataka remained a major investment destination in the biotech industry, the state government has set up a $10-million Bio Venture Fund for incubating start-ups in high-technology areas.
"We propose to set up a $5-million research fund to discover and innovate certain biotech products for applications in pharma and agriculture areas," state minister for IT and BT V.S. Acharya said on the occasion.
Chief Minister B.S. Yeddyurappa said four sector-specific biotech parks would be set up across the state to spread the biotech revolution beyond Bangalore.
The first sector-specific park will be set up at Mysore in collaboration with CFTRI (Central Food Technological Research Institute) for nutraceuticals and pharma products, agritech park at Dharwad with University of Agricultural Sciences (UAS), marine park at Mangalore with the state fisheries department and veterinary park at Bidar with Veterinary University in north Karnataka.